Abu Dhabi – The net profits attributable to the shareholders of Al Yah Satellite Communications Company (Yahsat) hit $110.36 million in 2023, marking an annual leap from $65.56 million.

The revenues grew by 6% year-on-year (YoY) to $456.73 million in January-December 2023 from $432.54 million, according to the interim financial results.

Basic and diluted earnings per share (EPS) stood at $4.52 last year, compared to $2.68 in 2022.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 3% YoY to AED 977 million ($266 million) in 2023, while the net income hiked by 68% YoY to AED 405 million ($110 million).

Total assets reached $1.98 billion as of 31 December 2023, down YoY from $2.02 billion.

Musabbeh Al Kaabi, Chairman of Yahsat, commented: “Yahsat is entering a new phase of its journey following the award of its largest ever government mandate, covering the procurement of two new satellites, Al Yah 4 and Al Yah 5, and the upcoming launch of Thuraya 4 in the second half (H2) of 2024.

“In addition, the proposed merger between Yahsat and Bayanat will create an AI-powered space technology champion with global reach,” Al Kaabi highlighted.

The Chairman added: “To be rebranded Space42 upon completion of the merger, the merged entity will provide vertically integrated, AI-powered geospatial and mobility solutions, satellite communications, and business intelligence.

“This is an exciting opportunity to create one of the most valuable publicly listed space companies in the world by market capitalization, with additional potential for significant global growth and synergies,” he concluded.


The board of Yahsat greenlighted cash dividends amounting to AED 200.79 million, equivalent to 8.23 fils per share. This in addition to interim dividends declared on 21 September 2023 brings the total cash dividend for 2023 to AED 401.58 million, which represents 16.46 fils per share.

In the nine-month period that ended on 30 September 2023, Yahsat recorded YoY higher net profits attributable to the owners at $71.75 million, compared to $35.14 million.

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